Cyient DLM Shares Plummet Amid Profit Decline
Cyient DLM's shares fell over 14% after the company reported a significant drop in its December quarter profit. Revenue grew by 38% YoY, but higher expenses, including employee costs and consolidation with Altek Electronics Inc., impacted overall profitability. The company's order backlog also declined by Rs 152 crore.
- Country:
- India
Shares of Cyient DLM plunged more than 14% on Wednesday following the electronic manufacturing services firm's disappointing December quarter results.
The company's stock plummeted 14.11% on the NSE to close at Rs 512 and dropped 13.55% on the BSE to settle at Rs 515.70. During intraday trade, the shares hit a 52-week low.
Higher expenses, driven largely by employee costs and the consolidation with Altek Electronics Inc., led to a 41.7% decrease in profit after tax, despite a 38% year-on-year revenue growth to Rs 444 crore. The order backlog decreased by Rs 152 crore to Rs 2,143 crore at the end of December.
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